A Certified Historic Structure is a building officially recognized for its historical significance by a ratified government authority, enabling it to qualify for specific preservation and restoration incentives.
A historic structure is a building officially recognized for its historic significance, thereby receiving a special income tax status. This status encourages restoration and discourages demolition or significant alteration. Qualified rehabilitation expenses for certified historic structures are eligible for a 20% tax credit.
RESTORE refers to the process of returning a building to its original quality and appearance. While modern materials are often used, the primary focus is on faithfully reproducing the original style and elements.
With over 3,000 definitions (and 30,000 Quizes!), our Lexicon of Real Estate Terms equips buyers, sellers, and professionals with the knowledge needed to thrive in the real estate market. Empower your journey today!